Morning Look

{+++}Futures are getting pounded here and Asia was down as well. I guess the market is being cautious in front of Bernanke’s speech tomorrow. I will update on twitter AND on the website today if we need to make any moves. Some of you are missing Twitter alerts so I will back it up through the site as well from now on.

I forgot to list FWLT and ROST as stops last night, they are still pretty broken and can be re-entered on the short side. I made the stops tight because this market is up big one day and down big the next, so I am trying to protect us from a run away type of move.

It seems as the year progresses folks are less willing to take risk and they are monetizing profits. Europe is also lower. Normally I would look to get “long” on days like this (gap down) at some point in the day, but I think the Bernanke speech tomorrow is weighing on optimism. If he waxes hawkish on the dollar, the market will go lower tomorrow. If he telegraphs low rates for a long time, the market could catch a nice bounce tomorrow as we are short term oversold.

The banks are not helping this morning.

Good luck today.

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